So remind me again why we have an economic crisis in Europe and the US, wasn't that because of minimal regulations in lending?
In the case of the USA the opposite is true and the current administration is repeating the past:
http://conservativeb...ortgage-crisis/
This individual makes some great (and factual) points:
TeaPartyReaganConservative•
There are certain laws placed upon the Banks and Wall Street firms that are good barriers to corruption like the Glass–Steagall Act of 1933 that prohibited any one institution from acting as any combination of an investment bank, commercial bank, and an insurance company.
In 1999, President Bill Clinton signed into law, "The Gramm–Leach–Bliley Act" (GLB), also known as the Financial Services Modernization Act of 1999, which repealed part of the Glass–Steagall Act of 1933, opening up the market among banking companies, security companies, insurance companies.
The Gramm–Leach–Bliley Act allowed commercial banks, investment banks, securities firms, and insurance companies to consolidate. For example, Citicorp (a commercial bank holding company) merged with Travelers Group (an insurance company) in 1998 to form the conglomerate Citigroup, a corporation combining banking, securities and insurance services under a house of brands that included Citibank, Smith Barney, Primerica, and Travelers.This single piece of Legislation, signed by President Clinton, along with the Community Reinvestment Act of 1977 that Jimmy Carter signed into law, allowed and enabled these Liberal Democrats, - specifically Barney Franks, Chris Dodd, and Chuck Schummer to perpetuate and exasperate the sub-prime and ARM mortgage lending govt system, by coercing forcing banks and other financial institutions, along with Fannie Mae and Freddie Mac, and specifically Country Wide Mortgage, who were not only not coerced, but were willing participants if not instigators in massive corruption and cronyism, but worse was the disgusting blatant exhibition of trading mortgages for govt legislative favors to so called VIP Congressional and Executive politicians and their staffers, and so on, where the tax payers were to be footed the Bill for all of it in the end- ie; a taxpayer govt bailout, in making these bad loans with assurances of govt guaranteed coverage, which Wall Street financial firms then bundled and packaged these bad loans, aka toxic assets by hiding them within money market and mutual fund packages, then sold them off to some other Wall Street financial banking institution, who then repackaged and resold them again and again, until the wall street housing and banking bubble crisis burst in Oct 2008.
With the same asinine liberals in charge, they have not only created the Dodd-Frank financial business law, which is one big govt controlling legislative and executive bureaucratic financial nightmare monstrosity that will absolutely destroy and suffocate the US economic private sector's banking financial institution's friendly atmosphere towards the consumer, but they are now embarked on yet another Housing and Banking crisis, that will surely destroy whatever is left of our economy and financial system.
Why is it that the slimy disgusting sleeze that is liberals and their destructive policies and laws that destroys all that is good and right, which permeates throughout Washington DC, ie; Congress, for decades, never ceases.
